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Since I finally got the chance to compare Wo3 and Wo3SE I will necro this thread.
Wo3 NTSC runs at 60Hz and Wo3SE is limited to PAL 50Hz, Wo3 NTSC runs noticeably smoother than SE, especially with high speed agile ships and tracks with long smooth turns and many repeating decals on the walls.
A good example is Rapier class Feisar at Porto Kora, white arrows on the walls move fluidly in Wo3 unlike Wo3SE where they only exponentiate insufficient fps, the same ship in SE reacts slower to input, hard to tell whether its because of new physics or framerate.

I guess 25 fps is just not enough for such a fast racer, its only 5fps difference but solely because of that Wo3 might be superior game.
To make things clearer I am not talking about perceived speed of the ship because that have been adjusted, I am talking how smooth the picture is when you are flying at high speed.